Scottish housing market hits highest levels in over a decade

During the first three months of 2019, the Scottish housing market had collective sales of £3.4 billion; the highest figure reported since 2008, according to the latest Aberdein Considine’s Property Monitor report. Property sales were up £80 million; 2.3 per cent above last year’s data, and seven per cent (£225 million) more than what was recorded in 2016.

In Scotland, a total of 19,491 homes were sold between January and March 2019; a 2.8 per cent increase year-on-year. Although many predicted that Brexit uncertainty would slow down the market, the increase in sales has been due to significant growth in Aberdeen, Aberdeenshire and East Lothian.

The average cost of a property in Scotland is currently £166,344; a rise of 8.6 per cent compared with the same period in 2016. Despite this, price growth has slowed in Scotland to just 0.2 per cent year-on-year.

While the capital remains the most expensive place to buy a home in Scotland – with an average price of £258,822 – Edinburgh recorded a fall in house prices so far this year. Additionally, house prices fell in Glasgow by 1.7 per cent this year to an average of £152,079 as well as in Aberdeen and Aberdeenshire.

Meanwhile, East Lothian recorded a significant 38 per cent increase (or £30 million) in the value of homes sold, up to £109,039,078. Due to a considerable increase in new housing developments, West Lothian also experienced a significant jump of 12 per cent in the number of properties sold, with the cost of property up 19 per cent to £111,392,371.

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